Bank of Qingdao’s unrated AT1 were seen slightly above par, mainly shored up by Chinese bidders. The lender printed the perpetual non-call five notes at par to yield 5.5% on Tuesday, raising US$1.203bn.

Sino-Ocean Group Holding’s perpetual non-call five securities rallied about a quarter of a point to 99.80 in cash price on demand from private bank accounts, according to traders.